Demand Forecasting for Inventory Control
Demand forecasting is the process of predicting future customer demand for a product or service using historical data, market trends, and other relevant information. It plays a vital role in inventory management by helping businesses maintain optimal stock levels, reduce excess inventory, and avoid stockouts. Accurate forecasting enables companies to make informed purchasing decisions, improve cash flow, and enhance customer satisfaction.
What are the benefits of demand forecasting?
Demand forecasting helps businesses plan ahead by anticipating customer needs. This leads to more efficient inventory control, reduced holding costs, and fewer instances of overstocking or stockouts. It also supports better budgeting, improved supplier relationships, and more accurate sales and operations planning. Ultimately, it enables businesses to respond proactively to market changes and meet customer demand with confidence.
In this on demand demo, learn how to use customer sales history to forecast what and how much inventory will be purchased in the future. Save time and increase accuracy using Inventory Planner recommendations.
This session covers:
- An introduction to demand forecasting
- How to customize forecast methods and settings
- How to factor in vendor conditions like minimum order size and case quantities
- How to create a purchase order using replenishment recommendations
You can see how Inventory Planner works with an interactive demo